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the fee reduction and profit-sharing policy for small and micro enterprises, which was originally scheduled to end on september 30, will be extended for another year after expiration. in the past few days, alipay and wechat pay have officially announced that they will continue to implement the policy of fee reduction and profit sharing. tenpay payment technology co., ltd. (hereinafter referred to as: wechat pay) issued an announcement titled "effectively assisting small and micro entities, and the policy of fee reduction and profit sharing will continue to be implemented", announcing that the fee reduction and profit sharing policy will be extended for one year after expiration. previously, alipay also announced that it would continue to implement the policy of fee reduction and profit sharing.

the industry generally believes that payment institutions are boosting the growth of the real economy by reducing fees, offering profits, and increasing financial support, which is adding fuel to the city's "fireworks."

reducing fees and offering profits has achieved remarkable results

specifically, wechat pay will continue to implement payment processing fee discounts for small and micro businesses, individual industrial and commercial households, individuals with business activities and other small and micro business entities that meet the standards from september 1, 2021. at the same time, it will also provide preferential payment services to individuals who meet certain conditions. users with payment codes will enjoy a discount on withdrawal fees, which was originally scheduled to end on september 30, 2024. in order to further support the real economy and assist the development of small and micro entities, the company decided to extend the fee reduction and profit-sharing measures for one year after expiration, and will be valid until september 30, 2025.

previously, alipay also released "alipay continues to implement the policy of fee reduction and profit sharing: 10% off payment fees for small and micro merchants, and free cash withdrawals with payment codes will be extended for another year!" 》announcement, announcing that the fee reduction and profit-sharing measures will be extended to september 30, 2025. it is reported that the alipay payment code has been free of charge since its launch in 2017, and the above-mentioned preferential policies mainly cover two measures: "free withdrawal of the payment code" and "10% discount on online payment service fees for small and micro merchants".

taken together, alipay and wechat pay have previously issued many "gift packages" to reduce the operating costs of small and micro merchants. for example, starting from august 1, 2021, alipay will launch profit-sharing services such as a 10% discount on online payment service fees for small and micro enterprises and individual industrial and commercial households that meet the standards, and will continue the free withdrawal of payment codes until september 30, 2024; wechat pay adopts policies such as offering a 10% discount on online payment service fees and waiving payment account cash withdrawal fees for small and micro enterprises, individual industrial and commercial households, and individuals with business activities that meet the fee reduction standards.

data shows that alipay has benefited more than 54 million merchants and small and micro operators in the past three years, with fee reductions and profits exceeding 21 billion yuan. at the same time, alipay invests financial resources every year and organizes consumer festivals and other activities with merchants, which has boosted consumption by nearly 65 billion yuan. as of june 30, 2024, wechat pay’s cumulative fee reductions and profits have exceeded 25 billion yuan, benefiting all types of merchants. more than 50 million households.

"delayed fee reductions and profit sharing by payment institutions are of great significance to reducing the operating costs of small and micro enterprises and improving the quality and efficiency of operations." du yang, a researcher at the bank of china research institute, told a reporter from the securities daily. first, fee expenditure is an important factor in the operation of small and micro enterprises. one of the important costs is that payment institutions’ fee reduction and profit sharing will directly reduce the transaction costs of business operations and release profit space; second, extending the fee reduction and profit sharing time can effectively promote the digital transformation of small and micro enterprises; third, payment institutions’ fee reduction and profit sharing for small and micro enterprises micro-enterprises will improve the quality and efficiency of financial services, assist the development of inclusive finance, and effectively promote social consumption.

helping small and micro businesses reduce costs through digital operations

in addition, in addition to reducing fees and offering profits, alipay also uses its digital capabilities to help merchants operate digitally. by transforming to digital and using mini programs for sustainable operations, merchants have reduced costs, improved efficiency, and increased revenue. for example, hangzhou xianfeng fruit uses alipay's smart cashier system to achieve "one-click membership", which solves the problem of the traditional membership registration process being complicated and time-consuming. not only does the cashier efficiency greatly improve, but it is also connected with the brand membership system to increase the store's membership repurchases. rate.

in addition, in order to lower the threshold for digital operations, alipay has opened nearly 2,000 free digital tools to merchants. merchants can use them with "0 code", and even small street stores can be operated digitally.

wechat pay has successively released the "national small store fireworks plan" and the "national small store fireworks plan 2.0", investing more than 10 billion yuan, including free cash withdrawal subsidies, operating material subsidies, etc.

"payment institutions actively implement the fee reduction policy, which is conducive to effectively improving the operating environment of small and micro enterprises. for the two major payment institutions, fee reduction and profit sharing benefit a wide range and large number of enterprises. they are the capillaries of the real economy and play an important role. they can it will play a role in promoting the development of the real economy," explained su xiaorui, a senior researcher at suxi zhiyan.

du yang suggested that in the future payment institutions can also use the following advantages to help the real economy and benefit small and micro enterprises. the first is to use big data and artificial intelligence technology to provide accurate market analysis, customer insights and personalized financial services to help small and micro enterprises better understand market needs; the second is to provide advanced payment technologies and systems for small and micro enterprises. simplify the transaction process, improve customer experience, and promote online and offline integration; third, use data and technology to help small and micro enterprises identify and manage financial risks, and provide corresponding risk assessment services; fourth, provide digital marketing solutions to help small and micro enterprises enterprises expand their customer base; fifthly, they build a diversified service platform with payment as the core, connecting small and micro enterprises with resources such as supply chain, financial services, and logistics to enhance comprehensive competitiveness.

source: securities daily network